Buckingham Multifamily Fund I

$505M

ASSETS UNDER

MANAGEMENT

3232

UNITS

OWNED

PROPERTIES

OWNED

STATES

MIDWEST / SOUTHEAST

Buckingham Multifamily Fund I, LP was established in May 2018 to acquire, own, and operate institutional quality value-add suburban multifamily residential properties in vibrant, yield-oriented, secondary markets in the Midwest and Southeast U.S. while leveraging Buckingham’s vertically integrated real estate platform to increase operational efficiency.

Strategy

Focus on delivering strong returns through value-add capital expenditures including renovations tailored to maximize rent premiums.

The Fund invests in markets with superior job growth and rent to income ratios compared to gateway markets and national averages. Targeted suburban garden-style multifamily investment has provided superior recent returns and comparable twenty-year returns when compared to urban product, with markedly lower volatility. Performance outcomes are consistent with the increase in the market for workforce households and the increase in urban core deliveries since 2012.

Target Markets

Vibrant secondary markets in the Midwest and Southeast U.S.
Attractive job growth and supply / demand dynamics
Significantly lower rent to income ratios than gateway markets
Target 14% - 16% gross IRR

Target Assets

Middle-income focused suburban garden-style and mixed use
Desirable submarkets with favorable demographics and high barriers to entry
Accessibility to nearby interstates, retail, employment, and good schools
Post-renovation rents remain below 25% rent to income ratio
All-in costs below replacement costs